Posted on 10/06/2008 11:45:21 AM PDT by pissant
(Updates to show Dow breaking below 9,700 level)
NEW YORK, Oct 6 (Reuters) - U.S. stocks slid on Monday, with the Dow diving below the 9,700 level for the first time since November 2003, as the fast-spreading financial crisis fueled fears the economy would not avert recession.
The Dow Jones industrial average .DJI was down 625.63 points, or 6.06 percent, at 9,699.75.
The Standard & Poor's 500 Index .SPX was down 72.77 points, or 6.62 percent, at 1,026.46. The Nasdaq Composite Index .IXIC was down 141.73 points, or 7.28 percent, at 1,805.66.
(Excerpt) Read more at reuters.com ...
It can’t go below zero :-)!
The GREAT news is that the DOW could be over $1,000,000 by later in an Obama term.
The BAD news is that $1,000,000 in the DOW will be worth about $50 in the DOW today.
I know 700 is a lot. But we would have already "hit the stops" a long time ago and had the market halted if it weren't for the injection of funds.
One more time.
Anyone besides me buying today?
Anyone? Anyone? Anyone?
Everyone paying attention knows it is coming.
The scariest part is an economically weakened United States is going to be a very appealing target to our Islamo-Fascist enemies. Obama's "solution" will mark the end of the United States as we know it.
God help us all.
it seems to me that this is going to be alot worse than the infamous Black October
I bought WMT and BKC. BKC is doing better than the Dow today.
The Japanese thought the same thing, once..........
I’m waiting for DOW 8,000.
MMM looked good for me today. On sale. P&G not quite at the lows of July.
Well I hope everyone gets out and welcomes their congressman home. Mine is one of the brave few who won’t have to hide.
thank your local congress critters and senators for your 401k’s going buh bye folks....
Note that more than half of last Monday's record point drop occurred BEFORE the House voted against the bailout. The Tuesday recovery was reported by the lamestream drive-by media as reflecting investor confidence that congress would do something by week end. However, the market was down a bit on Thursday, and then tanked on Friday after the senate and house voted respectively to pass this latest iteration of the crap sandwich economic rescue package.
I don't think that's unfair. The general layout was proposed by Secretary Paulson, and was pushed HARD by President Bush, to the exclusion of any alternative. The negotiated bill was basically the Paulson plan with a mandatory reporting window by the Secretary of the Treasury to Congress, and some decorative "checks" that amount to squat as a matter of substance.
The most the Democrats can be accused of, as far as passing this, is agreement. They didn't originate it.
That news about AIG burning through it's bailout load cash is very scary. Now they won't be able to sell their profitable assets, and the cascade of panic begins.
Insurance is not collateral, and never was.
It really is McCain’s Bill! He was the one who supposedly suspended his campaign to get it passed and then, cowardly, said not a work on the Senate floor but just voted for it.
Had he stood up with the House Republicans this would have been irretrievaby a Democrat mess.
DD also on sale - five year low May pick up some of that, too. Dividend yield of over 4%.
“The MSM is driving fear and panic now.”
That was George Bush and Paulson who started it.
“All so Obama can provide Socialism as the answer.”
Obama is deep into Wall Street’s pockets. The Bailout was structured so not to change any past behavior and control the financiers. There will be no socialism but freedom for financiers to do what they want and some bailouts.
I heard on the news that the banks won’t take the bailout money because it has caps for CEO’s bonuses and golden parachutes.
Yes, but my current mortgage payment will look real reasonable.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.